SEBI Chairman U.K. Sinha inaugurates Bandhan Bank's 600th branch in Mumbai

Shri U.K. Sinha, Chairman, Securities and Exchange Board of India (SEBI), inaugurated Bandhan Bank's Prabhadevi branch in Mumbai, today. This is Bandhan Bank's 600th branch in the country.

Bandhan Bank commenced its operations on August 23, 2015, with 501 branches, 2,022 Door step Service Centres (DSCs) and 50 ATMs across 24 Indian states. The bank was inaugurated by  Shri. Arun Jaitley, Hon'ble Minister of Finance, Corporate Affairs and Information and Broadcasting, Government of India, in Kolkata at a grand function attended by regulators, policy makers and luminaries from financial sector and corporate India.

Bandhan is the first bank to be set up in eastern part of India post-Independence.

Currently, Bandhan Bank operates across 27 Indian states through a network of 599 branches and 183 ATMs, being served by more than 20,000 employees. Since its launch, the bank has collected deposits to the tune of Rs. 4,700 crore catering to more than 8 million customers. It started with a loan book of around Rs 10,500 crore.

The Prabhadevi branch is Bandhan Bank’s 31st branch across 11 districts in Maharashtra. It also has 106 Door step Service Centres (DSCs) operational in the state of Maharashtra. The Kolkata-headquartered bank has two divisions -- micro banking and general banking, offering complete retail financial solutions, including a variety of savings and loan products.

Currently, the savings bank account interest rate is 4.25% for balance up to Rs.1 lakh and 5% for balance above Rs.1 lakh. For term deposits, the maximum interest rate offered is 8.5 % for one to three years, with an additional 0.5% for senior citizens.

The Reserve Bank of India's licensing norms stipulate that a new bank must have at least Rs 500 crore capital. Bandhan Bank started off with Rs 2,570 crore capital and this will soon be ramped up close to Rs 3,052 crore. This translates into more than 40% capital to risk weighted assets ratio or CRAR for the new bank, signifying its robustness.